私募股權基金之研究

Research on Private Equity Fund

許景翔(Ching-Hsiang Hsu)

指導教授 ： 邱慈觀

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2008年)

摘要

本論文首先對購併理論與動機進行概述，並討論購併歷史與實證研究。而後分析私募股權基金之起源、合夥制度、規範與金融監理，並比較私募股權基金與其他基金之差異；探討私募股權基金之融資購併操作，分析其意義、歷史發展、特色、條件、價值與爭議。
再來就法規、政治、匯率、市場、財務等方面探討私募股權基金在市場上活動可能面對之風險；並由標的公司、金融機構、市場監理機關等不同角度，討論私募股權基金所可能衍生之問題；而各國監管法令與態度，亦大大影響私募股權基金對該國之投資。2007年下半年爆發的次級房貸風暴，亦對私募股權基金產生重大影響，不僅衝擊其獲利，更有部分私募股權基金公司瀕臨倒閉；然此風暴亦同時為私募股權基金帶來獲利契機。
最後，藉由整理私募股權基金在中國大陸和國內之發展現況，分析兩岸市場對於私募股權基金之看法與態度，同時提出私募股權基金在中國大陸與國內所面臨之爭議與值得探討的問題，最後就國內發展私募股權基金之挑戰與契機做一簡單整理，並藉此研究對私募股權基金在我國之發展與應如何適切規範、監理提出相關建言，期能作為我國未來發展私募股權基金之參考。

關鍵字

次級房貸 ； 私募基金 ； 私募股權基金 ； 併購、融資併購

並列摘要

The paper first outlines the theory and the motives of merger acquisitions, as well as discusses its history and practical study. Subsequently, the origins, partnership system, standards and financial governance of private equity fund will be analyzed. Also, the paper examines the practice of financial merger acquisitions, and analyze its significances, historical developments, characteristics, conditions, values, disputes and comparisons with other private equity funds.
In this paper, the risks of private equity fund from the aspects of regulations, politics, exchange rates, markets, and financials are investigated. The issues raised from the roles of targeted companies, financial institutions, market governance are also discussed. The regulations and attitudes of the governors around the world hugely affect the countries where private equity funds invested. The subprime mortgage crisis in 2007 has had great influences on the private equity funds; some funds companies profit from this crisis while others suffer.
Finally, the paper summarizes the present operations and analyzes the risks and disputes of the private equity funds faced by China and Taiwan. Challenges and critical points faced by the domestic private equity funds are identified to provide recommendations for the future developments and governances of private equity funds in Taiwan.

並列關鍵字

Private Equity Fund ； Mergers ； Leveraged Buyout ； Private Fund ； Subprimes ； Mortgage Crisis

參考文獻

1. Axelson, Ulf, Per Stromberg, and Michael S. Weisbach, “Why are buyouts levered.”, The financial structure of private equity funds , 2007.

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6. Gottschalg O., Phalippou L. and Zollo M., “Performance of Private Equity Funds: Another Puzzle ?”, INSEAD and University of Amsterdam, 2004.

7. Harris, R.S., and D. Ravenscraft, “The role of acquisitions in foreign direct investment: evidence from the U.S. stock market”, Journal of Finance & Economics 46, 1991, p825-844.